Banks are helping sharia make a back-door entrance

He was just another junior trader at France's second largest bank, Soci�t� G�n�rale. A day later, his name headlined nearly every major financial daily across the globe. Although his desk was limited to about $180 million in positions, Kerviel had forged passwords, faked control e-mails, and fabricated hedges in order to go well beyond the limit. He had learned all the necessary control tricks to pull off this feat during his time at the bank's nondescript back office, where he had started working years ago before rising through the ranks to his more recent and prestigious office. In contrast to what the French public believes, however, his story is hardly one of personal growth and social mobility.

When his managers liquidated his positions, Kerviel held unhedged bets for over 60 billion dollars. read more